Decision-making and the newsvendor problem: an experimental study
نویسندگان
چکیده
منابع مشابه
Decision-making and the newsvendor problem: an experimental study
This paper investigates repetitive purchase decisions of perishable items in the face of uncertain demand (the newsvendor problem). The experimental design includes: high, or low profit levels; and uniform, or normal demand distributions. The results show that in all cases both learning and convergence occur and are effected by: (1) the mean demand; (2) the order-size of the maximal expected pr...
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We present an experimental study of the price-setting newsvendor problem, which extends the traditional framework by allowing the decision maker to determine both the selling price and the order quantity of a given item. We compare behavior under this model with two benchmark conditions where subjects have a single decision to make (price or quantity). We observe that subjects deviate from the ...
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Short abstract Past experimental studies of decision-making in the context of the Newsvendor problem unanimously find that the decision-makers tend to make suboptimal decisions and, unless special measures are taken to induce “in-task” learning, fail to improve quality of their decisions over time. However, most of these past studies dealt with individual decision-makers. In the present study w...
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In this paper, we conduct a laboratory experiment using the classic newsvendor problem to examine cross-national differences in inventory ordering patterns between Chinese and American decision makers based on a theoretical examination of the role of the Doctrine of the Mean in Chinese decision making. Drawing on the theory of context-dependent preferences (specifically extremeness aversion), w...
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مطالعات قبلی بازار بیمه را به صورت کلی در نظر می گرفتند اما در این مطالعه صنعت بیمه به عنوان متغیر مستفل به بیمه های زندگی و غیر زندگی شکسته شده و هم چنین بیمه های زندگی به رشته های مختلف بیمه ای که در بازار بیمه ایران سهم قابل توجهی دارند تقسیم میشود. با استفاده از روشهای اقتصاد سنجی داده های برای دوره های 48-89 از مراکز ملی داده جمع آوری شد سپس با تخمین مدل خود بازگشتی برداری همراه با تعدادی ...
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ژورنال
عنوان ژورنال: Journal of the Operational Research Society
سال: 2008
ISSN: 0160-5682,1476-9360
DOI: 10.1057/palgrave.jors.2602470